agency law-. what is a principal ? a party who delegates authority to another party
TRANSCRIPT
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Agency Law-
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What is a Principal ?
• A party who delegates authority to another party
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What is an Agent?
– A party who agrees to act on behalf of another party
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Duties of Principal to Agent
• Compensation
• Indemnification
• Cooperation
• Safety
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Duties of Agent to Principal
• Loyalty
• Obedience
• Due Care
• Notification
• Accounting
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Creation of the principal/agent relationship
• The key is the delegation of authority– express– incidental– implied– apparent– emergency– estoppel– ratification
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Termination of the principal/agent relationship
• By agreement
• By events
• By operation of law
– regardless of how the relationship is terminated, NOTICE IS KEY
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Liability for Contracts
• Issues– what authority does the agent have?
– What type of principal do we have?• Disclosed
• Partially Disclosed
• Undisclosed
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Liability for Torts• Is the agent an independent contractor or an
employee?– Control is Key
• If the agent is an employee, was he acting within the scope of his authority?– Instructions– Detour/ Frolic– Intentional Torts/ Crimes